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Matrix Partners India invests INR 60 crores in Chetas Control Systems

Mumbai, India –April 25, 2011 Matrix Partners India today announced that it has invested INR 60 crore as the sole investor in the first institutional round of funding of Chetas Control Systems Private Limited (Chetas). Chetas is a leading provider of turnkey water metering solutions to Municipal Corporations & Water Boards (water utilities) in India. Chetas is the only company to have the credentials of completing 400,000 installations of domestic & bulk water meters in India. Chetas was recently awarded the UNESCO Water Digest Award 2010-2011 for the Best Water Instrumentation & Automation Company in India. “This capital infusion provides Chetas the growth capital to bid for larger projects & strengthen our leading position in turnkey water metering. Our experience working closely with water utilities combined with our technological capability puts us in a unique position of strength in the water sector which is a critical area of focus for the infrastructural and social development of India. We would now like to extend this capability to achieve our vision of becoming a leading water utility operator in the country. We are very impressed with Matrix’s deep understanding of the water infrastructure sector in India & are very pleased to have them as our partner” said Mahesh Deshmukh, Managing Director, Chetas Control Systems Private Limited. "It is our privilege to be associated with Mr. Deshmukh who is a true visionary and has done pioneering work in the water metering sector in the country. Specialized Infrastructure services are an important focus area for Matrix as they are an important growth driver for the economy. Given the universal & social importance of water as a resource and the significant investment expected in upgrading the water infrastructure in the country, we believe Chetas can capture a large share of the growing water metering market and become a leading solutions provider to water utilities” said Avnish Bajaj, co–founder & Managing Director, Matrix India. About Chetas Control Systems Private Limited: Chetas Control Systems Private Limited is a leading flow instrumentation company that focuses on providing turnkey solutions in water management. Chetas specializes in ultrasonic transit time flow metering technology with thrust on meeting the challenging the needs of the water industry. Chetas helps municipal bodies turn their water distribution network into a viable commercial model. Chetas is the only company in India to have completed 400,000 installations of domestic & bulk water metering in India across multiple water utilities in India. Chetas has the experience of installing and commissioning more than 1,000 Ultrasonic flowmeters in India and handling more than 200 Water Auditing cases. Chetas is the lead service partner of world’s largest Automatic Meter Reading (AMR) project of Municipal Corporation of Greater Mumbai. Chetas has executed turnkey metering contracts at multiple water utilities such as Navi Mumbai, Kalyan, Bangalore, Pimpri-Chinchwad. Further information is available at www.chetascontrol.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 1,500 crore under management. The firm invests in companies targeting the Indian domestic market with a sector independent investment strategy focused on generating exceptional returns. The firm invests up to INR 125 crore in a company depending on its stage of development and has invested in several companies including Muthoot Finance (Gold Loan NBFC), BSFL/BASIX (Microfinance Institution), FIITJEE (engineering test Preparation Company), Itzcash Card (prepaid card), Center for Sight (eye care chain), Siesta Hospitality (corporate serviced apartments) and Tree House (preschool and K-12 schools) among others. Matrix Partners has a global network of funds investing in the US, China and India with $2 billion under management. Further information is available at www.matrixpartners.in

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